Osisko Metals Announces Annual Shareholder Meeting Results and Corporate Update

MONTREAL, Sept. 08, 2021 (GLOBE NEWSWIRE) — Osisko Metals Incorporated (the “Company” or “Osisko Metals“) (TSXV: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce the results of its annual meeting of shareholders (the “Meeting“) held on September 1, 2021. A total of 81,365,134 common shares of the Company were represented at the Meeting, representing 42.53% of the total number of common shares of the Company issued and outstanding. All matters presented for approval at the Meeting were duly authorized and approved, as follows:

(i)     fixing the number of directors at six (6);
     
(ii)    election of all management nominees to the board of directors of the Company (details in table below);
     
(iii)     appointment of PricewaterhouseCoopers LLP as auditors of the Company for the ensuing year and authorization of the directors to fix their remuneration; and
     
(iv)    approval of the Company’s existing 10% rolling Stock Option Plan.
Name Votes For Votes For (%) Votes Withheld Votes Withheld (%)
Jeff Hussey 78,305,558 98.17 % 1,459,364 1.83 %
Robert Wares 79,756,997 99.99 % 7,925 0.01 %
Luc Lessard 69,831,268 87.55 % 9,933,654 12.45 %
Amy Satov 79,733,447 99.96 % 31,475 0.04 %
Cathy Singer 79,733,472 99.96 % 31,450 0.04 %
Donald Siemens 79,190,734 99.28 % 574,188 0.72 %

Robert Wares, Chairman & CEO, commented: “We thank all shareholders and stakeholders for their continued support of the Company and the Pine Point Project. With the current resource definition drill program, as well as ongoing hydrogeological studies and community work, advancement of Pine Point is on-schedule and on-budget. In the evolving global market of rising base metal commodity prices, shareholders are also reminded that Pine Point is rapidly gaining value. At current spot zinc prices of US$1.35/lb zinc and US$1.05/lb lead, the 2020 PEA sensitivity tables indicate after-tax NPV of approximately C$730 M and after-tax IRR of 38% for the Pine Point project, a substantial increase over conservative 2020 numbers. We believe base metal commodity markets will continue to improve as supply deficits manifest themselves, particularly for copper, zinc and nickel, and that markets will recognize Pine Point as a leading global zinc development project.”

A corporate update by Robert Wares, Chairman & CEO, is available online at the following:

John Burzynski – Special Financial Advisor

Mr. John Burzynski did not stand for Board re-election in order to help resolve proxy advisory group over-boarding issues. The Company would like to thank Mr. Burzynski for his contribution to the Company over the years. Mr. Burzynski has been appointed Special Financial Advisor to the board of directors of the Company, effective as of September 1, 2021.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the base metal space. The Company controls one of Canada’s premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories for which the 2020 PEA has indicated an after-tax NPV of $500M and an IRR of 29.6%. The Pine Point Project PEA is based on current Mineral Resource Estimates that are amenable to open pit and shallow underground mining and consist of 12.9Mt grading 6.29% ZnEq of Indicated Mineral Resources and 37.6Mt grading 6.80% ZnEq of Inferred Mineral Resources. Please refer to the technical report entitled “Preliminary Economic Assessment, Pine Point Project, Hay River, North West Territories, Canada” dated July 30, which has been filed on SEDAR. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, paved highway access, and has an electrical substation as well as 100 kilometres of viable haulage roads already in place.

The current Mineral Resources mentioned in this press release conform to NI43-101 standards 3 and were prepared by independent qualified persons, as defined by NI43-101 guidelines. The abovementioned Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological grade and/or quality of continuity. Zinc equivalency percentages are calculated using metal prices, forecasted metal recoveries, concentrate grades, transport costs, smelter payable metals and charges (see respective technical reports for details).

For further information on this press release, visit www.osiskometals.com or contact:

Robert Wares, CEO
Osisko Metals Incorporated
Email: [email protected]
www.osiskometals.com


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